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Dec 21, 2012
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republicans want to cut the deficit. the fiscal cliff will do it but in a draconian way. the reality setting in now for americans is we don't want to cut the deficit too fast. even the republicans most ambitious proposal doesn't actually eliminate the debt and cut the deficit in the year 2012 -- 2020. >> tris is the objection from the club for growth and other conservative groups. the fact it doesn't commit to major spending cuts and major growth and most of all to major deficits. if my math is right they're predicting about $8.5 trillion of deficits in the next ten years, of new debt. $8.5 trillion that's a very big number. the source of republican discon tenchts the republicans are really upset you are once again seeing playing out real tax increases now with hypothetical spending cuts later. eventually. maybe. that never happen. and they feel like, i'm sorry. lucy with the football. you've done this way too many time. that's why the base is so unhappy about this. >> you really haven't heard -- i know president obama, particularly on the c.o.l.a.s, the cost of living, h
republicans want to cut the deficit. the fiscal cliff will do it but in a draconian way. the reality setting in now for americans is we don't want to cut the deficit too fast. even the republicans most ambitious proposal doesn't actually eliminate the debt and cut the deficit in the year 2012 -- 2020. >> tris is the objection from the club for growth and other conservative groups. the fact it doesn't commit to major spending cuts and major growth and most of all to major deficits. if my...
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Dec 11, 2012
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we are monitoring fiscal cliff talks. it's been radio silence from democrats and republicans in washington. they're sticking to preagreed upon talking points explaining that lines of communication are open. we don't know what it is speaker baner and barack obama are hashing out behind closed doors but more republicans are gravitating to the idea of compromising on a tax rate increase so long as they can get what they want for spending and entitlement cuts. listen. >> those rates are going up. we either act now to keep them from going up from as many people as possible or they will go up on everyone. that's a disaster. let's recognize reality, take care of as many people as we can. >> meanwhile, you're right. the president was in detroit where he continued his outside-inside game of running a campaign-style effort to jin up popular support for the fiscal cliff. because he was in michigan he took a whack at the proposed legislation -- the so-called right to work legislation. listen to the president. >> these so-called right
we are monitoring fiscal cliff talks. it's been radio silence from democrats and republicans in washington. they're sticking to preagreed upon talking points explaining that lines of communication are open. we don't know what it is speaker baner and barack obama are hashing out behind closed doors but more republicans are gravitating to the idea of compromising on a tax rate increase so long as they can get what they want for spending and entitlement cuts. listen. >> those rates are going...
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Dec 6, 2012
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if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthy. it's only 2%. >> reporter: of course, up on capitol hill, republicans don't necessarily agree with that. speaker of the house john boehner said today that he is still waiting for a counterproposal now from the president of the united states. and we learned late this afternoon that in fact speaker boehner and president obama had a phone call today. we don't know, however, what was said in that call. but reports are that some progress is being made in these negotiations. at least conversations continuing behind the scenes between the top leaders, larry. >> all right. a phone call. that's pretty good progress. many thanks. so let's just ask a couple questions here. does president obama have the whip hand in all these negotiations, and are the republicans about to be blamed big-time for falling off their own fiscal cliff? joining me now is ace pollster scott rasm
if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthy. it's only 2%. >> reporter: of course, up on capitol hill, republicans don't necessarily agree with that. speaker of the house john boehner said today that he is still waiting for a counterproposal now from the president of the united states. and we learned late...
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Sep 10, 2012
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otherwise, dot look for a lot of action on that fiscal cliff, something democrats and republicans on the hill in washington say will have to wait until after the election. and everybody knows who the winners and losers are. >> so, eamon, it will be a do nothing congress. a farm bill, a continuing resolution bill, maybe something for the veterans, god bless them. the big issue wall street and investors and men and women in business are worried about the fiscal cliff, huge tax hike, you're saying they will do nothing. zip poe. >> they will not do it until the lame duck session, paralyzed by politics. and some suggestion they won't do it in the lame duck session, particularly if mitt romney were to win, some sense republicans might want to wait until romney is sworn in as president in late january. as you know, inauguration day comes late in that month, they might have to wait until then because romney as president would be in a position to sign anything that came his way. we could be looking for months until that fiscal cliff is dealt with. >> many thanks to eamon javers. so is preside
otherwise, dot look for a lot of action on that fiscal cliff, something democrats and republicans on the hill in washington say will have to wait until after the election. and everybody knows who the winners and losers are. >> so, eamon, it will be a do nothing congress. a farm bill, a continuing resolution bill, maybe something for the veterans, god bless them. the big issue wall street and investors and men and women in business are worried about the fiscal cliff, huge tax hike, you're...
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Nov 13, 2012
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if we skate past the fiscal cliff, we still have the solvency issue the deal with. what republicans said is look, we are willing to put revenues on the table and i don't want to get into splitting hairs on the program and negotiating in public and -- by the way, two most important people in these negotiations are the president and speaker boehner. those are the two that can actually get a result by year end. i think what republicans have said is, look, we don't mind looking at revenues but we want to make sure we have actually solved the problem, we dealt with entitlements, especially we dealt with medicare ask those are the ying and the yang of the deal and are very important as far as our country moving ahead good not now. >> no, no, no. larry -- >> wall street -- wall street wants you all to just get us through this $500 billion tax hike. then you are right about entitlement reform and medicare and social security. isn't that -- isn't that next year? there are -- boehner says down payment now. buy the boehner down payment zbh i don't like the down payment. i woul
if we skate past the fiscal cliff, we still have the solvency issue the deal with. what republicans said is look, we are willing to put revenues on the table and i don't want to get into splitting hairs on the program and negotiating in public and -- by the way, two most important people in these negotiations are the president and speaker boehner. those are the two that can actually get a result by year end. i think what republicans have said is, look, we don't mind looking at revenues but we...
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Dec 1, 2012
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one of our next guests believes the house republicans should dive head first off the fiscal cliff. oh, my god. he's going to have to explain that one to me. don't forget, folks, free market capitalism is the best bet to prosperity. let me just underscore the prosperity part. we need a lot more of it. i'm kudlow. we'll be right back. >>> welcome back to "the kudlow report." the new york mets agreed to a megamillion dollar contract extension for all star third baseman david wright today. he's not alone in this year-end wheeling and dealing. we're going to explain why baseball's feeling a fiscal cliff tax frenzy. that coming up in about 30 minutes. >>> now switching gears, with just 33 days until the country's economy plummets off the tax and fiscal cliff and there's still no deal in sight, we see today a daily caller op ed suggesting that republicans in congress should dive head long off the cliff. really? i'm not sure i'm on board with that one. but let's talk. maybe i could figure it out. here now is the co-author of that op ed, neil patell of the daily caller and we welcome back t
one of our next guests believes the house republicans should dive head first off the fiscal cliff. oh, my god. he's going to have to explain that one to me. don't forget, folks, free market capitalism is the best bet to prosperity. let me just underscore the prosperity part. we need a lot more of it. i'm kudlow. we'll be right back. >>> welcome back to "the kudlow report." the new york mets agreed to a megamillion dollar contract extension for all star third baseman david...
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Dec 12, 2012
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i do not believe we will fall into the fiscal cliff meaning that neither party will let the tax cuts expire. i think republicans are going to stay at a retreat and voting to extend the middle class tax cuts. that will avoid the miss kal cliff situation. and i may not like this deal at all. one reason stocks are behaving wellky well. speaker john boehner is pushing the president to offer spending cuts. so with 20 days to grow, is this likely? am i going to be proven right or whong? larry, we are going to avoid the fiscal cliff resection. the white house is acting with impunity right now. and the white house is so far said look, we want to continue talking about one quarter of the president's own architecture. the president said there was a three to one ratio between savings and cuts and revenue. but they have been silent on this. >> little bit of breaking news. >> wow, the studio is shaking. mr. bhoener is at $800 million. no new information on then ti e ti tiltment. i'm suggesting. it is a game of chicken. neither party can afford this kind of recession. after what we've been through
i do not believe we will fall into the fiscal cliff meaning that neither party will let the tax cuts expire. i think republicans are going to stay at a retreat and voting to extend the middle class tax cuts. that will avoid the miss kal cliff situation. and i may not like this deal at all. one reason stocks are behaving wellky well. speaker john boehner is pushing the president to offer spending cuts. so with 20 days to grow, is this likely? am i going to be proven right or whong? larry, we are...
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Nov 9, 2012
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nobody wants to go over the fiscal cliff. it's ridiculous. >> certainly that's one of the stock market, right, post-election. it's an important point you made, mr. boehner saying revenues could be on the table. is that a republican concession? and if it is a republican concession, what do you all want from the democrats as their concession? >> well, i think it's how these things are characterized. many times. you know, in the debate between mitt romney and barack obama, obama laid out this notion that somehow romney was not in favor of any more revenues and romney debunked that and said, look, we're in favor of revenues, and i think he was largely speaking for the republican party at that point. we're in favor of more revenues. the ryan budget, for example, had revenue assumptions in it. so i think what's got to happen is that both sides have to let the other team take a victory lap. let republicans come into this debate where we keep tax rates low and reasonable and predictable and drive toward tax reform next year. democrat
nobody wants to go over the fiscal cliff. it's ridiculous. >> certainly that's one of the stock market, right, post-election. it's an important point you made, mr. boehner saying revenues could be on the table. is that a republican concession? and if it is a republican concession, what do you all want from the democrats as their concession? >> well, i think it's how these things are characterized. many times. you know, in the debate between mitt romney and barack obama, obama laid...
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Nov 29, 2012
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, with congress up here on capitol hill because we've got to do something to avert this fiscal cliff. the only way we do that obviously is to come up with a package that addresses what really drives federal spending and that's entitlement programs. the president doesn't seem to want to talk about that, nor do democrats up here on capitol hill but we're not going to get a solution here at the end of the year that addresses the near term and long-term problem of this country unless we can deal with entitlements. >> it's a democratic senate. the president referred to a democratic bill in the senate. that bill would extend the tax cut under $250,000 and allow the top rates to rise. he didn't explicitly say top rates because bu that's what that bill does. does mr. obama and the republicans have the votes to pass their bill? >> well, i think they of course will have them in the senate. i doubt they would have them in the house of representatives. more importantly, larry, the president came out of the election, held a press conference, said his number one priority was jobs and growth. we wou
, with congress up here on capitol hill because we've got to do something to avert this fiscal cliff. the only way we do that obviously is to come up with a package that addresses what really drives federal spending and that's entitlement programs. the president doesn't seem to want to talk about that, nor do democrats up here on capitol hill but we're not going to get a solution here at the end of the year that addresses the near term and long-term problem of this country unless we can deal...
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Sep 24, 2012
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off the fiscal cliff, at least for a couple of months. that's a recession. what does that do to stocks? >> that will hurt stocks at that point in time. i'm not completely convinced -- it's not in everybody's interest to really go over that fiscal cliff, so what the market has priced in is that we're not going to go over the fiscal cliff. that would be one thing that would really concern me, and we have basically fiscal policy going against monetary policy, the two biggest forces in any economy. they are head to head right now. if we can get a little bit of movement on the fiscal cliff, that would be positive for stocks. >> as quick as you possibly can, two additional country risks, europe and china. hell, we're covering a story tonight, china factory workers are in rebellion against their bosses and against the communist government and against everybody. the economy stinks. they are not getting their wage increases that they want. what kind of risk is that? >> i think it's a minimal risk at this point. the export-driven economy trying to
off the fiscal cliff, at least for a couple of months. that's a recession. what does that do to stocks? >> that will hurt stocks at that point in time. i'm not completely convinced -- it's not in everybody's interest to really go over that fiscal cliff, so what the market has priced in is that we're not going to go over the fiscal cliff. that would be one thing that would really concern me, and we have basically fiscal policy going against monetary policy, the two biggest forces in any...
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Nov 17, 2012
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and that is a way to go off the fiscal cliff, blame the republicans, stampede them into god knows what. cap and trade, card check. another stimulus plan. that ain't no bull market, larry. >> i think all those fears are actually now slowly being discounted in the stock market. and i agree with you. >> more to come. >> president obama answered that question all wrong because he kind of left the door open that maybe he'd let the cliff go through. anyway, don luskin, thank you very much. >> thank you, larry. >> rockets continue to rain on israel. another hamas leader is taken out. >> thank you. >> is it time to take the shackles off and let israel just finish the job? and folks, don't forget, free market capitalism, it is the best path to prosperity. but i've got to tell you, you've got to have limited government and you've got to have spending cuts to make this free market model work. i'm larry kudlow. we'll be right back. >>> this is war. nbc's martin fletcher is in tel aviv with the latest. good evening, martin. >> reporter: israel's security cabinet met this evening. on the agenda a di
and that is a way to go off the fiscal cliff, blame the republicans, stampede them into god knows what. cap and trade, card check. another stimulus plan. that ain't no bull market, larry. >> i think all those fears are actually now slowly being discounted in the stock market. and i agree with you. >> more to come. >> president obama answered that question all wrong because he kind of left the door open that maybe he'd let the cliff go through. anyway, don luskin, thank you...
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agree to tax the rich more, avo avoiding pentagon cuts, the moody's down grade and the fiscal cliff. they say it's republicans giving up and adjourning next week. >> like you're facing a catastrophe and saying, we just don't have time to address that. we have to go home and campaign. >> reporter: democrats will, too. job one is getting re-elected. >> it looks like facing the fiscal cliff will have to wait again. larry, this time until november. back to you. >> many thanks, nbc steve handelsman. my message for washington tonight, why can't you all extend this congressional session in order to do the people's fiscal business and stop playing recessionary politics. it will save the country, it's time to make a deal, to avoid a ngs and stop the looming tax and fiscal cliff. think about this. here is a calendar. the moment the continuing resolution is passed, probably thursday or friday, congress will leave town for the election. nothing more will get done. then, after the election, of course, they're all ready. it all ends up to 12 days on the schedule after the election. therefore, the
agree to tax the rich more, avo avoiding pentagon cuts, the moody's down grade and the fiscal cliff. they say it's republicans giving up and adjourning next week. >> like you're facing a catastrophe and saying, we just don't have time to address that. we have to go home and campaign. >> reporter: democrats will, too. job one is getting re-elected. >> it looks like facing the fiscal cliff will have to wait again. larry, this time until november. back to you. >> many...
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Nov 28, 2012
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next up is the republican party about to lose it's soul and principles over the fiscal cliff debate. why is nobody talking ip t inin media about spending cuts. let's talk to brent great to see you on the show. thank you for coming. let me start with this thought. over this fiscal cliff debate. nobody is cutting spending. everybody is talking about taxes. is the gop losing it's soul and principles? >> no one is being serious in it's debate. the fellow from adi is making sound statements. but he is whistling past the graveyard. there is no problem that the obama budget calls for spending giving us a deficit of $1 trillion per year as far as the eye can see. tax cuts didn't cause this. it is spending that caused this. you go to spending. you have the cpo itself is saying the only way to do this is getting obamacare out of there. what are the republicans starting to say? this will destroy the republican party because the party will have lost it soul. what else differentiates it from the party? >> here is the problem. the republicans have been saying for two years that this tax increase w
next up is the republican party about to lose it's soul and principles over the fiscal cliff debate. why is nobody talking ip t inin media about spending cuts. let's talk to brent great to see you on the show. thank you for coming. let me start with this thought. over this fiscal cliff debate. nobody is cutting spending. everybody is talking about taxes. is the gop losing it's soul and principles? >> no one is being serious in it's debate. the fellow from adi is making sound statements....
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Dec 4, 2012
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republicans have responded to a fiscal cliff counter offer to president obama. eamon javers joins us now from washington with all the details. good evening. >> reporter: good evening. leapt me walk you through the specifics or at least what specifics we have so far from this boehner counter offer and you can see where it falls short from the white house's perspective right in the top line take a look at the details here. boehner and the other house republicans are asking for $800 billion in new tax reform revenue. that's short of the $1.6 trillion that the president would like to see there. also health savings of $600 billion. mandatory savings of $300 billion. revisions of cpa of 200 billion. other discretionary saving 300 billion. they say net savings is $2.2 trillion all told. the white house says this plan is not balanced, and interestingly there's a little side skirmish here between the speaker of the house john boehner and erskine bowls. boehner said this was based on a report that bowles laid out. bawls said no. he said the approach laid out does not repr
republicans have responded to a fiscal cliff counter offer to president obama. eamon javers joins us now from washington with all the details. good evening. >> reporter: good evening. leapt me walk you through the specifics or at least what specifics we have so far from this boehner counter offer and you can see where it falls short from the white house's perspective right in the top line take a look at the details here. boehner and the other house republicans are asking for $800 billion...
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Oct 4, 2012
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all about the fiscal cliff. if romney is elected president, we're not going to have a short-term fiscal cliff problem because he's not going to veto extending the bush tax cuts. and the republicans aren't going to give him so hard a time hiking the debt ceiling. if obama is elected, he has said over and over he will veto any extension of the bush tax cuts that includes extending the tax cuts for the rich. the house, on the other hand, insists on all the tax cuts being extended. if they can't agree, all tax cuts go away. 5% of disposable personal income is ripped from the economy. the republicans take their vengeance by not raising the debt ceiling. we are back in a great recession mid january. which this country can't take. we can't take it. >> we've wasted all our recovery resources four years ago in the last great recession. so it makes all the difference in the world. >> you know, on the other hand, jeff, on the more optimistic view, i think don is making great points that we'll have the less stubborn preside
all about the fiscal cliff. if romney is elected president, we're not going to have a short-term fiscal cliff problem because he's not going to veto extending the bush tax cuts. and the republicans aren't going to give him so hard a time hiking the debt ceiling. if obama is elected, he has said over and over he will veto any extension of the bush tax cuts that includes extending the tax cuts for the rich. the house, on the other hand, insists on all the tax cuts being extended. if they can't...
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Dec 22, 2012
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if the fiscal cliff goes to january, the middle class tax cuts won't be extended, right? they end. but if you're a republican in the house, you'll be voting for a tax reduction. in other words, the first they expire on december 31st. i want to make this point, it's a simple point, but it sounds complicated. they expire. then january 1st or whenever. republicans can vote for a tax cut to put them back in the place. that could be redempive. that could be the spiritual redemption. >> the first of two is we were talking, roughly speaking about $1 trillion, $1.2 trillion in tax increasesment on january 1st, we're going to be talking about a $3.8 trillion tax reduction. the biggest, i think, listen, i don't think the republicans acquitted themselves as terrible as some were making out yesterday. but what they did do that was quite poor. if you're president obama from a legacy standpoint, you got a big boost right now. what i mean by that is on january 1st, the bush tax cuts are no more. >> right. >> going forward for the rest of our lives, we're going to be talking about the largest tax
if the fiscal cliff goes to january, the middle class tax cuts won't be extended, right? they end. but if you're a republican in the house, you'll be voting for a tax reduction. in other words, the first they expire on december 31st. i want to make this point, it's a simple point, but it sounds complicated. they expire. then january 1st or whenever. republicans can vote for a tax cut to put them back in the place. that could be redempive. that could be the spiritual redemption. >> the...
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Dec 7, 2012
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i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more money out of the rich. let's just send less
i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong....
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Sep 13, 2012
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do you think obama's going to compromise on the fiscal cliff. no. we're going to have tax increases that will affect every american who pays taxes. the republicans will retaliate by not raising the debt ceiling and we have a treasury fall on top of it. stocks won't like that. >> it's the exact opposite of supplied side economics. higher tax rates and easier money when the other idea was lower tax rates and tighter money and strong dollar. this is all wrong, i know it's wrong. >> we're checking every box on how many things can we do wrong list? >> i'm trying to find out how long the good news in the stock market lasts. i have to ask that question. >> i give it about 45 seconds, larry. >> you're coming on the radio this weekend. i will ask you this question all over again. >> my pleasure. >>> up next, fed gone rogue? it appears mr. bernanke will keep printing money until the cows come home. house members kevin brady and brad sherman will face off on all of this. >> they agreed to increase the policy of accommodation by purchasing additional agency bac
do you think obama's going to compromise on the fiscal cliff. no. we're going to have tax increases that will affect every american who pays taxes. the republicans will retaliate by not raising the debt ceiling and we have a treasury fall on top of it. stocks won't like that. >> it's the exact opposite of supplied side economics. higher tax rates and easier money when the other idea was lower tax rates and tighter money and strong dollar. this is all wrong, i know it's wrong. >>...
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Aug 24, 2012
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that's going to be a key republican message at the convention. also this evening, mitt romney embraced his private equity turnaround experience in a widely read oped in the wall street journal. he could have gone further saying there are two bankrupt companies -- usa government, inc. and usa economy inc. i'm going to use my turnaround experience. that's what he could have said. >>> and is the white house putting the finishing touches on a secret second term agenda? tax increases, bigger spending, cap and trade, nationalized obama care? plus accommodating iran, russia and who knows what else? also this evening, markets were up 101 points for the day. they were down, however, 117 for the week. it looks like it's all about the fed and that more stimulus is on the way. we begin tonight with a close eye on tropical storm isaac. it could rain on the gop parade. the storm is intensified. some florida counties have already declared a state of emergency. the executive producer for the gop convention. should the show go on despite the weather? >> the show
that's going to be a key republican message at the convention. also this evening, mitt romney embraced his private equity turnaround experience in a widely read oped in the wall street journal. he could have gone further saying there are two bankrupt companies -- usa government, inc. and usa economy inc. i'm going to use my turnaround experience. that's what he could have said. >>> and is the white house putting the finishing touches on a secret second term agenda? tax increases,...
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Nov 21, 2012
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after this elicks grover, did people want to see common ground to deal with a fiscal cliff recession or trillion deficits as far as the eye can see? is the gop going to play a weak hand is that going to happen here? >> i would argue the republican house has as much power as the president. with solid majority that will continue for year to come because of redistricting and they were running a committed not just to stopping the tax increases to spending but voted for the ryan plan. it reforms entitlements and takes the tax rates to 25% and it is a co hern't ent package. obama wrote a budget that no democrat voted for, it was that silly. it claimed savings by not occupying iraq for the next 20 years. he won a mandate not to be romney. he did not win a mandate not to raise taxes and fix the economy. >> john boehner says we can cap deductions, probably produce $400 billion coming up pretty fast. no change in tax rates. so it is not a flat tax reform but no increase in marginal tax rates. can you and your pledge, with the pledge be okay with the bay nor plan to increase revenues by capping
after this elicks grover, did people want to see common ground to deal with a fiscal cliff recession or trillion deficits as far as the eye can see? is the gop going to play a weak hand is that going to happen here? >> i would argue the republican house has as much power as the president. with solid majority that will continue for year to come because of redistricting and they were running a committed not just to stopping the tax increases to spending but voted for the ryan plan. it...
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. >>> while everyone's talking about the fiscal cliff, our next guest is a republican from texas. he is about to become the chair of the very powerful financial services committee and he is going to have his platef full o that unwith. as always, congressman, thank you for coming on. >> thank you, larry. >> before we get to your new post, let me ask you this. there's a great article by nobel prize winner. he adds up the income taxes, payroll taxes, state and local sales taxes and he says the average effective tax rate in this country is now 40%. and he says it's hurting work effort and it's hurting consumption. my question is this -- in this discussion of the cliff and raising taxes, does anybody talk about that, what this added burden is going snob. >> well, all the time. again, it is just a truism that washington has a spending problem, not a taxing problem. and any of this talk, larry, of taxation is frankly just a distortion from the huge fiscal abyss. the fiscal cliff is a pothole relative to the size of our government. the our problem is a spending problem, principally driven
. >>> while everyone's talking about the fiscal cliff, our next guest is a republican from texas. he is about to become the chair of the very powerful financial services committee and he is going to have his platef full o that unwith. as always, congressman, thank you for coming on. >> thank you, larry. >> before we get to your new post, let me ask you this. there's a great article by nobel prize winner. he adds up the income taxes, payroll taxes, state and local sales...
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if obama said i want to meat with republican and democratic looet leaders to take this fiscal cliff off the table would you do it? >> absolutely. he found time for everything else. >> it would help his presidency and the country. >> we need to put the country first. if he was willing to put the country first we would have ended up in a solution to the long-term debt and deficit problem last year. the speaker and i offered every opportunity to do it. you can argue about the results of the simpson bowles commission. the president having appointed it, ignored it. then we had this structure in place, larry, to get an outcome y'all called the super committee. it was a process. had it come up with a solution it would have passed. instead it completely disappeared. >> let me ask for questions on this point. todd akin is even in a new poll against claire mchaskill. just came across the tape. is missouri still in play in your judgment? >> i think we have enough seats in play to still take the senate. we have at least ten opportunities to pick up seats we don't currently have. whether missouri is
if obama said i want to meat with republican and democratic looet leaders to take this fiscal cliff off the table would you do it? >> absolutely. he found time for everything else. >> it would help his presidency and the country. >> we need to put the country first. if he was willing to put the country first we would have ended up in a solution to the long-term debt and deficit problem last year. the speaker and i offered every opportunity to do it. you can argue about the...
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the possibility of a fiscal cliff compromise is exactly where we're going tonight. i think it's a key point. i thank you for it. john harwood, our man in washington, d.c. now, today's jobs report, of course, very disappointing. our question is how do we get out of this mess? there's no growth and virtually no jobs. let's hear from our panel. tonight we have democratic pollster and 1996 clinton campaign advisor mark penn. we have wisconsin republican senator ron johnson. and cnbc contributor carly tewina. welcome back. senator johnson, sir, may i begin with you and pick up on a thought that john harwood mentioned, it's been on my mind also. look, i know this is a tough election. and i know which side you're on. but we also have the country to think about, and it could be that we are on the front end of a recession. this is a miserable jobs number today. the third in a row. in your opinion, sir, is there any chance of a compromise to extend what i'm calling the bush-obama tax cuts to go for keystone with all those shovel-ready jobs? what's your take, senator ron johns
the possibility of a fiscal cliff compromise is exactly where we're going tonight. i think it's a key point. i thank you for it. john harwood, our man in washington, d.c. now, today's jobs report, of course, very disappointing. our question is how do we get out of this mess? there's no growth and virtually no jobs. let's hear from our panel. tonight we have democratic pollster and 1996 clinton campaign advisor mark penn. we have wisconsin republican senator ron johnson. and cnbc contributor...
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fix to the fiscal cliff, and we have a rally that could last through january. but then we've got longer term problems that he can't fix overnight, and then the market is going to run into some new headwinds. >> thank you to the two jims. >>> coming up, this storm could have a huge impact on the presidential election. you might be surprised at which candidate this storm is hurting more. please stay with us. when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. >>> the massive recovery efforts are under way, but one lingering impact from sandy could be on politicians. eamonn is in washington with the latest. >> it was a bit of an unexpected political bromance today on the jersey shore as president barack obama and new jersey governor chris c
fix to the fiscal cliff, and we have a rally that could last through january. but then we've got longer term problems that he can't fix overnight, and then the market is going to run into some new headwinds. >> thank you to the two jims. >>> coming up, this storm could have a huge impact on the presidential election. you might be surprised at which candidate this storm is hurting more. please stay with us. when you take a closer look... ...at the best schools in the world......
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. >>> now to the really big financial story, the fiscal cliff. house speaker john boehner says president obama has wasted another week by not making a real proposal. meanwhile, republicans are divided and senator rand paul on this show last night may have made the most constructive proposal of all. >> i'm happy not to filibuster it. i will announce tonight on your show i will work with harry reid to let him pass his big old tax hike with a simple majority if that's what harry reid wants. then they will be the party of high taxes and they can own it. >> all right. without that kind of republican strategic retreat, the december 31st deadline is not likely to be met. in today's jobs report it was positive and it beat the street and stocks went up. how do we move 150,000 jobs per month up to 300,000 which would be a real recovery? first up breaking news out of the supreme court this afternoon, the nation's highest court agreed to take up the explosive issue of same-sex marriage, agreeing to hear challenges to the federal defense of marriage act and c
. >>> now to the really big financial story, the fiscal cliff. house speaker john boehner says president obama has wasted another week by not making a real proposal. meanwhile, republicans are divided and senator rand paul on this show last night may have made the most constructive proposal of all. >> i'm happy not to filibuster it. i will announce tonight on your show i will work with harry reid to let him pass his big old tax hike with a simple majority if that's what harry...
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the senate prospects have deteriorated which means more gridlock, more fiscal cliff, more god knows what. higher capital gains taxes. higher dividend tax rates. all things that are antithetical to the stock market. are they not? >> absolutely true. and, you know, lately in the last few months we've seen the unemployment rate in some of the key states that republicans need to hold like maine, they've gone up. that's going in the wrong direction. i don't know to what extent they hold the current senator responsible for that. certainly it creates a sense of discomfort with the incumbents and possibility of change there. so, you know, those odds have really changed and that's just a huge big deal for next year. the markets do not like a divided congress and we've got so much at stake in the lame duck session, it's a major issue for the markets and one clearly i think investors are voting with their feet and getting out of the way. >> jeff, why did gold crash today? >> you know, it had to do with the dollar going up. had gold down, silver down, oil down, copper down. they were all down. i thi
the senate prospects have deteriorated which means more gridlock, more fiscal cliff, more god knows what. higher capital gains taxes. higher dividend tax rates. all things that are antithetical to the stock market. are they not? >> absolutely true. and, you know, lately in the last few months we've seen the unemployment rate in some of the key states that republicans need to hold like maine, they've gone up. that's going in the wrong direction. i don't know to what extent they hold the...
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with the country's debt continuing to soar and a giant tax and fiscal cliff looming ahead at the end of the year, okay, so for six weeks democrats and republicans have been dogfighting over spending cuts in exchange for any future debt limit increases. but you know what? i have a solution in six words. extend the bush-obama tax cuts. that's right. just extend them. that's what folks really care about. so let's talk. we have two distinguished house members, peter welch, democrat, vermont. marsha blackburn, republican from tennessee. thank you. ms. blackburn, marsha blackburn, let me start with you. i can tell you with the debt ceiling not going to come around until next february or march, what folks up on wall street are worried about is the tax cuts. will they be extended? and to me you could really help the economy if you just extended them this summer. >> and i completely agree with you. go ahead and provide the certainty that our constituents are saying that they need. whether they're employers. heth they're small business owners. whether they are individuals who are just saying l
with the country's debt continuing to soar and a giant tax and fiscal cliff looming ahead at the end of the year, okay, so for six weeks democrats and republicans have been dogfighting over spending cuts in exchange for any future debt limit increases. but you know what? i have a solution in six words. extend the bush-obama tax cuts. that's right. just extend them. that's what folks really care about. so let's talk. we have two distinguished house members, peter welch, democrat, vermont. marsha...
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it was the republican party and the leadership in congress that took our country to the verge of a fiscal cliff and caused our bond rating to be downgraded for the first time in the history of the country. the president was working tirelessly. vice president joe biden worked tirelessly to get a deal done. john boehner couldn't sell it. and everybody knows it. that's where we were. >> that's just incorrect. >> the question about simpson/bowles. i can answer that question. simpson/bowles is a plan, it rais raises, enshrines obama-care, but that was not enough for the president because it also lowered tax rates for wealthy people for everybody for businessmen and this president is committed to raising tax rates to levels we have not seen since the 1970s, so he killed it. >> that's why he's cut taxes 18 times. >> he took it to levels we've not seen since the 1970s. >> you know, jennifer rubin, in the interview, which is going to come up later with speaker boehner, we talked about this, why didn't that deal get done last summer? and he said, because at the last minute president obama put in an
it was the republican party and the leadership in congress that took our country to the verge of a fiscal cliff and caused our bond rating to be downgraded for the first time in the history of the country. the president was working tirelessly. vice president joe biden worked tirelessly to get a deal done. john boehner couldn't sell it. and everybody knows it. that's where we were. >> that's just incorrect. >> the question about simpson/bowles. i can answer that question....
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. >> but first up, just 35 days until the nation's economy plummets off the tax and fiscal cliff. is congress any closer to finding common ground? let's get right to our special guest, oklahoma republican senator tom coburn. he's the author of "the debt bomb." welcome back, senator coburn. you snow, senator, is it possible, and this is a big question here at cnbc, is it possible to rise above the partisanship, number one, and number two, this is my own kibbitz, to produce a deal that would help the country and help the country grow? is a good deal, not a bad deal? >> no, i think that's possible. larry, the one thing that all the media today, i've done a lot of interviews and all last week. they are wanting to talk about taxes. you can't raise taxes big enough to solve this problem. i don't care where you go to get them. if you don't significantly structurally reform entitlements, you can't fix this problem. and so with the news media all centered on tax increases rather than the real problem, because you -- you can take over 100,000 a year and take everything that they made over t
. >> but first up, just 35 days until the nation's economy plummets off the tax and fiscal cliff. is congress any closer to finding common ground? let's get right to our special guest, oklahoma republican senator tom coburn. he's the author of "the debt bomb." welcome back, senator coburn. you snow, senator, is it possible, and this is a big question here at cnbc, is it possible to rise above the partisanship, number one, and number two, this is my own kibbitz, to produce a deal...
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cliff deal in advance of the usual last-minute deadline? so the dow is down 33 points. gold continued its remarkable plunge. the good news is that the dollar is up. the bad news, could be a sign that some bad news is headed this way. you'll hear my take. it may surprise you. we begin this evening with the battle royal over the budget. john harwood joins us now with all the details. good evening, john. >> i hate to tell you they are not going to make that deal before the election. if anybody doubted it, it was on display. the distance between the parties today. first, president obama held a private meeting with congressional leaders to talk about his priorities on the budget and other issues, but only after calling them out publicly in a visit to a small business in washington about his to-do list to help the american economy. >> we want to sustain momentum, and one of the ways that we can sustain momentum is for congress to take some actions right now, even though it's election season, even though there's gridlock, even though there's parti
cliff deal in advance of the usual last-minute deadline? so the dow is down 33 points. gold continued its remarkable plunge. the good news is that the dollar is up. the bad news, could be a sign that some bad news is headed this way. you'll hear my take. it may surprise you. we begin this evening with the battle royal over the budget. john harwood joins us now with all the details. good evening, john. >> i hate to tell you they are not going to make that deal before the election. if...
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but first up, pull america away from the fiscal cliff or else. recessi recession, disaster, even another downgrade. but wait a minute. why should republicans support a grand design in a lame duck democratic congress with a lame duck democratic president? the gop is coming into power. it'll have its own program. so let's maybe go slow about this fiscal grand design fix. we'll talk more about it later. i'm larry kudlow. at bank of america, we're lending an in communities across the country. fro omrevi htalielzeping t a neigbrhbooklyn..or.ho financing industries that are creating jobs in boston... providing funding for the expansion of a local business serving a diverse seattle community... and lending to ensure a north texas hospital continues to deliver quality care. because the more we can do in local neighborhoods and communities, the more we can help make opportunity possible. this is the first car that i've been totally in love with in every way, shape, and form. it's my dream vehicle. on a day to day basis, i am not using gas. my round trip i
but first up, pull america away from the fiscal cliff or else. recessi recession, disaster, even another downgrade. but wait a minute. why should republicans support a grand design in a lame duck democratic congress with a lame duck democratic president? the gop is coming into power. it'll have its own program. so let's maybe go slow about this fiscal grand design fix. we'll talk more about it later. i'm larry kudlow. at bank of america, we're lending an in communities across the country. fro...
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it will mean an acceleration of the end of the fiscal cliff. if you thought romney would win and the republicans would take both sides of the house then you have to think the fiscal cliff will get solved faster than if they are arguing about it. then you throw in a simplification of the tax code. lower corporate tax rates. payroll tax, accelerated expensing and depreciation. keeping the bush tax codes intact and you have set the stage for a rally with the single biggest risk being europe instead of domestic. >> i ask you this because i know you're a man of the world and i know you follow markets and also politics. you and i both know that our great network, cnbc, blames essentially or credits everything to the federal reserve. what i'm trying to do is introduce the idea that fiscal policy plays a role in economic growth and profits. and therefore fiscal proposals such as mr. romney is making may have a very important influence on the stock market in the next bunch of months. that's at least a possibility, is it not? >> you're talking about the
it will mean an acceleration of the end of the fiscal cliff. if you thought romney would win and the republicans would take both sides of the house then you have to think the fiscal cliff will get solved faster than if they are arguing about it. then you throw in a simplification of the tax code. lower corporate tax rates. payroll tax, accelerated expensing and depreciation. keeping the bush tax codes intact and you have set the stage for a rally with the single biggest risk being europe...
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cliff into recession and then he will blame the republicans. what's your take? >> i think he's going to blame the republicans, larry, for sure. and i think in the republican's interest to delay it as long as possible and make the republicans look as uncooperative as possible. but we will fall off the cliff anyway, larry. and i think we will have a very bad year in 2013, even if they do extend all of the tax cuts. i think we have a real bad scenario coming forward. >> jared bernstein, what do you think that the president might go off the cliff. okay, nothing on your end. then blame the republicans. and add one thing, jared, president obama does have a legacy. seems to me that part of that legacy is, you know, better fiscal position and better economic position. that's why i'm a little skeptical of this scenario but i want your take on it. >> yeah. i share your skepticism, look. if we do go over the cliff, and i sure hope we don't, remember, it is going over and staying over that's recessionary. if there's a real deal that could show markets that
cliff into recession and then he will blame the republicans. what's your take? >> i think he's going to blame the republicans, larry, for sure. and i think in the republican's interest to delay it as long as possible and make the republicans look as uncooperative as possible. but we will fall off the cliff anyway, larry. and i think we will have a very bad year in 2013, even if they do extend all of the tax cuts. i think we have a real bad scenario coming forward. >> jared...
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can common ground be found before we fall off the fiscal cliff? lanny davis former special counsel to president clinton and michael steele, former rnc chairman. i started on you immediately. i said i miss the days when we had the great republican president. you said, i didn't work for bush. i said, i'm talking about clinton. that great republican clinton. >> he was. >> we have a rhino and a dino, don't we? >> you have a conservative and a liberal. >> let's start with i favor obama care. michael? >> you found one thing. >> i favor increasing taxes. i favor -- >> what do you mean? that's not in bowles simpson. >> bowles simpson does -- >> gets rid of loopholes. >> speaker boehner, one dollar -- >> by the time i'm done with you guys this will fall apart. i read what you said about we've got to stop the political posturing. he brings up issa. that's the best metaphor -- with the way the president has been electioneering, not governing for the past year and a half. we lost an atf agent. things happened. that's your best example of posturing? that's wha
can common ground be found before we fall off the fiscal cliff? lanny davis former special counsel to president clinton and michael steele, former rnc chairman. i started on you immediately. i said i miss the days when we had the great republican president. you said, i didn't work for bush. i said, i'm talking about clinton. that great republican clinton. >> he was. >> we have a rhino and a dino, don't we? >> you have a conservative and a liberal. >> let's start with i...
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at a time when washington is supposed to be cutting costs to avoid the fiscal cliff, a new report outdoor today revealed that gazillions of dollars are being wasted. eamon jarvis joins us. >> reporter: the senator who put the report together is republican tom coburn of oklahoma. he says the department of defense has become the department of everything these days. take a look at some of the spending that he found buried inside the pentagon's budget. coburn said he found spending by the pentagon and other departments of funding studies of babies interacting with robots, the air force spending money on studying the color of dinosaur feathers and darpa spends $6 million on a study of storytelling techniques and the brain. coburn said he or she identified about $67.9 billion worth of spending that he thinks over ten years can be easily cut out of the pentagon budget. and i want to leave you with one of the other items that he found here. this was kind of a whopper to a lot of us here in the office. he found that the pentagon had financed a seminar discussion and the topic of that discussion wa
at a time when washington is supposed to be cutting costs to avoid the fiscal cliff, a new report outdoor today revealed that gazillions of dollars are being wasted. eamon jarvis joins us. >> reporter: the senator who put the report together is republican tom coburn of oklahoma. he says the department of defense has become the department of everything these days. take a look at some of the spending that he found buried inside the pentagon's budget. coburn said he found spending by the...
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they are ready and willing to go right off the fiscal cliff if they don't get their way. >> all right. now with president obama democrats playing chicken on this are the republicans of mitt romney going to lead with solutions? let's get to the distinguished senator from new hampshire, kelly ayotte. >> good to be back, larry. >> before we get into the politics of the tax cliff, you really took a rip yesterday at president obama and his attacks on mitt romney and bain capital. you say president obama has gone from an inspirational leader to a small politician playing small ball. that's tough stuff. i would like you to expand on that for us this evening. >> absolutely, larry. it's small ball politics because he's spending all his time talking about issues that don't matter to the voters. he doesn't want to talk about the dismal jobs reports we have had. over 40 months of over 8% unemployment. we are facinging the fiscal cliff at the end of the year we know if we don't address it we'll go into a recession. it's deeply troubling. he doesn't want to talk about the big picture issues. $16 tr
they are ready and willing to go right off the fiscal cliff if they don't get their way. >> all right. now with president obama democrats playing chicken on this are the republicans of mitt romney going to lead with solutions? let's get to the distinguished senator from new hampshire, kelly ayotte. >> good to be back, larry. >> before we get into the politics of the tax cliff, you really took a rip yesterday at president obama and his attacks on mitt romney and bain capital....
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first up, breaking news on the fiscal cliff front tonight, president obama offered his opening bid in budget talks with republicans, and we have eamon javers with all the details. good even, eamon. >> house republican aides are saying this was a new offer from temperature think geithner on capitol hill for a long series of meegts. there were varying report of whether or not he had made a specific new offer. in fact harry reid told me that he hadn't made a specific new offer. that said, republican sources are laying out the offer they say they got from the white house today. take a look at some of the specifics. you'll see what's prompting the reaction earp just talking about. they say what the white house is offering is 1.6 trillion in tax increases up front, to continue the payroll tax credit or a similar policy, what they call a permanent increase in the debt limits, a one-years extension of extended jobless benefits plan, and at least $50 billion in new spending. i talked to a house gop aide that said this offers a complete break from reality. that said, i also talked to the white
first up, breaking news on the fiscal cliff front tonight, president obama offered his opening bid in budget talks with republicans, and we have eamon javers with all the details. good even, eamon. >> house republican aides are saying this was a new offer from temperature think geithner on capitol hill for a long series of meegts. there were varying report of whether or not he had made a specific new offer. in fact harry reid told me that he hadn't made a specific new offer. that said,...
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this is a bad fiscal tax cliff. >> listen, i'm not a big fan of the temporary tax cuts. i believe in lowering rates, permane permanently, deeply, that gets them the worst behaviors, invest more, tax more. i'm worried now that not only are we going to have higher taxes but the president's going to look at what's going on in france, maybe the tax rate should be 75% instead of 40%. economic patriotism should be the economic patriotism act. it will be 75%. >> let's keep it on topic, we're talking about the payroll tax cult which was done to stimulate payroll and consumption. >> and did nothing. >> i'm sorry, i actually see growth in certain sectors. we started the show talking about how good manufacturing -- you can't have it both ways. >> this has been the two worst recovery years in the history of the united states of america. >> it's stopped contracting. if you believe, i don't, jimmy does, but if you believe the payroll tax cuts stimulate consumption, what are you going to do when it's gone? nancy pelosi was quoted in the "new york times" says she doesn't want to extend
this is a bad fiscal tax cliff. >> listen, i'm not a big fan of the temporary tax cuts. i believe in lowering rates, permane permanently, deeply, that gets them the worst behaviors, invest more, tax more. i'm worried now that not only are we going to have higher taxes but the president's going to look at what's going on in france, maybe the tax rate should be 75% instead of 40%. economic patriotism should be the economic patriotism act. it will be 75%. >> let's keep it on topic,...
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cliff come january? you have jillian epstein, foreign chief minority council to the house committee. american enterprise institute, and hit-or-miss member dave sweichert, republican from arizona. this was a bernanke warning that didn't get near enough attention, and i want to ask you, he is talking about a massive, what, $3 trillion, $4 trillion tax hike scheduled for january 1st, 2013. he is also worried, wrongly, i think, about spending cuts of over $1 trillion. what's this fiscal cliff all about, and how is it going to affect the economy? >> well, you know, i'm not so worried about the spending cuts. like you, i'm worried about these massive tax increases. and given the state of the economy, if we let all these tax increases go through, i have little doubt that will push us back into a recession. perhaps a severe one. goldman sachs did a great study on the 569 of letting all the bush tax cuts expire, and maybe president obama would like it to happen, and it could happen, and they found that it would k
cliff come january? you have jillian epstein, foreign chief minority council to the house committee. american enterprise institute, and hit-or-miss member dave sweichert, republican from arizona. this was a bernanke warning that didn't get near enough attention, and i want to ask you, he is talking about a massive, what, $3 trillion, $4 trillion tax hike scheduled for january 1st, 2013. he is also worried, wrongly, i think, about spending cuts of over $1 trillion. what's this fiscal cliff all...
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. >> but you're just saying run for the hills if the fiscal cliff is crossed. that's the basic -- >> yeah. and the biggest risk there is, if the house is retained by the republicans, plus 25, you have an obama victory, and the senate stays democratic. right now it's plus three. if it goes plus three or more -- >> we're going to cross the cliff. larry mcdonald, thanks very much. i appreciate it. up next on the show, three-day countdown to the third and final debate, and obama's running on empty. at least some people say that. for the first time pew research center ranks romney ahead of obama in favorability. wow. a free market panel faces off next. and as we go out, mitt romney again from the alfred e. smith memorial foundation dinner last night. take a listen to mitt. >> and don't be surprised if the president mentions this evening the monthly jobs report where there was a slight improvement in the numbers. he knows how to seize the moment, this president, and already has a compelling new campaign slogan. "you're better off now than you were four weeks ago." >>
. >> but you're just saying run for the hills if the fiscal cliff is crossed. that's the basic -- >> yeah. and the biggest risk there is, if the house is retained by the republicans, plus 25, you have an obama victory, and the senate stays democratic. right now it's plus three. if it goes plus three or more -- >> we're going to cross the cliff. larry mcdonald, thanks very much. i appreciate it. up next on the show, three-day countdown to the third and final debate, and obama's...